U.S. stock index futures pointed to a sharply higher open on Tuesday amid signs that U.S.-China trade relations could be improving.

Futures for the Dow Jones Industrial Average leaped 194 points, or 0.8%, to 24,684

Futures for the S&P 500 took on 20.25 points, or 0.8%, to 2,663.25,

NASDAQ futures hiked 67.75 points, or 1%, to 6,767.

Chinese Vice Premier Liu reportedly said Tuesday that he had been in discussion with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, with the aim of de-escalating a global trade war.

China is also reportedly moving toward cutting tariffs on cars made in the U.S. to 15% from the current 40%. The proposal has been submitted to the Chinese Cabinet and will be reviewed in the coming days, Bloomberg News reported. President Donald Trump hinted earlier this month that China agreed to lower auto tariffs. Shares of Ford Motor, General Motors and Fiat Chrysler all rose more than 2% in the pre-market.

Overseas, in Japan, the Nikkei 225 slumped 0.3% Tuesday, while in Hong Kong, the Hang Seng index eked up 0.1%